Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025, with a focus on energy digitalization and AI integration as part of its strategic transformation [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 4.48 billion yuan, a year-on-year decrease of 5.2% [1] - The net profit attributable to shareholders was -250 million yuan, a year-on-year decline of 141.4% [1] - The non-recurring net profit was -280 million yuan, a year-on-year decline of 152.1% [1] - For Q1 2025, the company reported revenue of 670 million yuan, a slight year-on-year decrease of 0.1% [1] - The net profit attributable to shareholders was 3.37 million yuan, indicating a turnaround from losses [1] - The non-recurring net profit was -4.28 million yuan, with losses narrowing by 90.7% [1] Business Strategy and Developments - The company is committed to energy digitalization and energy internet as dual driving forces, accelerating its AI initiatives [2] - In 2024, the company completed the restructuring of non-core businesses, resulting in a one-time financial impact of approximately 490 million yuan due to goodwill impairment and cost capitalization [2] - The company acquired a 10% minority stake in Bangdao Technology, making it a wholly-owned subsidiary, and increased market efforts in the new electric path business, with a sales expense ratio of 18.1%, up 5.6 percentage points year-on-year [2] - The energy digitalization business generated revenue of 2.15 billion yuan in 2024, down 7.5% year-on-year, primarily due to the restructuring of non-core businesses [2] Growth in Energy Internet and AI Applications - The energy internet business grew rapidly, achieving revenue of 1.8 billion yuan in 2024, a year-on-year increase of 17.6%, and continued to grow in Q1 2025 [3] - The company’s life payment platform for utilities surpassed 500 million users, with daily active users nearing 20 million [3] - The new electric path charging business recorded an annual charging volume of 5.2 billion kWh, and the distributed photovoltaic cloud platform connected 25 GW [3] - The company enhanced its competitive advantage in electricity market trading, with annual trading volume exceeding 1.9 billion kWh, a year-on-year increase of over five times [3] - In Q1 2025, the new electric path platform's operating losses significantly decreased, and the photovoltaic cloud platform added over 10 GW of distributed photovoltaic connections [3] Investment Outlook - The company aims to become a leading AI-driven technology energy enterprise, benefiting from the trends of electricity marketization, digitalization, and scenario-based electricity usage [4] - Following the restructuring of non-core businesses, the company is expected to improve its profitability, with projected net profits of 490 million yuan, 600 million yuan, and 740 million yuan for 2025-2027, representing year-on-year growth of 294.1%, 23.8%, and 22.3% respectively [4] - The company is assigned a target price of 15.74 yuan based on a 35x PE ratio for 2025, with a "recommended" rating [4]

Summary of Langxin Group's Conference Call Company Overview - Langxin Group has adjusted its business structure by divesting non-grid related businesses to focus on the energy internet sector, achieving a cash flow of 550 million yuan despite a slight decline in revenue from the energy digitalization segment [2][3]. Key Points Industry Focus and Revenue Growth - The energy internet segment generated 1.8 billion yuan in revenue, marking an 18% year-on-year increase, with the life payment business contributing approximately 500 million yuan in revenue and over 100 million yuan in profit [2][3]. - The aggregation charging business is expected to break even in 2024, while the virtual power plant is still in the exploratory phase. The electricity trading business is projected to reach a scale of 2 billion yuan by 2027 [2][5]. Electricity Trading Business Potential - The electricity trading business is benefiting from policy reforms and the expansion of the renewable energy market, with a forecasted trading volume of 6 billion kWh in 2025, potentially increasing to 30 billion or even 100 billion kWh in the coming years [2][6]. Future Revenue Projections - By 2027, the energy internet segment is expected to account for over 65% of the company's total revenue. The valuation is estimated at 36 billion yuan, indicating significant growth potential compared to the current market value of around 15 billion yuan [2][7]. Aggregation Charging Business Outlook - The aggregation charging business is anticipated to achieve breakeven in 2024, driven by the increasing adoption of electric vehicles and improved infrastructure. The business is expected to become a new growth point for the company [2][8]. Market Share and Strategic Direction - Langxin Group has defined its strategy to serve private car owners, with private car users accounting for over 50% of the smart connected vehicle market. The company holds approximately 10% market share in the general electricity market and 20% in the private car sector [4][9]. User Acquisition Strategies - The company plans to attract more users through innovative subsidy strategies, including partnerships with Ant Financial to explore differentiated user development models, such as membership systems and promotional offers [4][11]. Competitive Landscape - Langxin Group maintains cooperative relationships with charging station companies like State Grid and faces competition from companies like Kuaidian and Didi's Xiaodi Charging. The market concentration for charging station operators is decreasing, while platform user volumes are increasing [4][12]. Traditional Business Performance - Traditional businesses, including internet television, energy digitalization, and agricultural internet, are expected to maintain stable growth, contributing approximately 400-500 million yuan in revenue annually [4][15]. Growth Potential of Emerging Businesses - Growth-oriented businesses include heart pulse mapping, electricity trading, and virtual power plants, with significant revenue projections for the coming years. The total market value could reach 36 billion yuan when combining traditional and growth businesses [4][16].

Group 1: Report General Information - The research object is Langxin Technology, belonging to the Internet service industry, and the reception time was May 15, 2025. The listed company's reception staff included the host, Langxin Group's director and general manager Zheng Xinbiao, director and deputy general manager Peng Zhiping, secretary of the board and deputy general manager Wang Shenyong, chief financial officer Lu Qingfang, and independent director Lin Le [16] Group 2: Research Institution Details - Langxin Technology's 2024 annual performance briefing was conducted remotely online, targeting all investors [19] Group 3: Core Views and Industry Outlook - In 2024, due to the divestment and restructuring of non - core businesses, the company's revenue was 4.479 billion yuan, a year - on - year decrease of 5.24%, and the net profit attributable to shareholders of the listed company was - 250 million yuan. However, the energy - related core business maintained stable operations, with an operating net cash flow of about 554 million yuan [24] - Future profit growth will be driven by the new round of investment in power energy from the construction of new power systems and AI technology applications. The company's energy digitalization business is building a new growth curve [24] - In the energy Internet field, based on the "user - scenario - market" business dual - flywheel strategy, the company will expand the scale of power user connections in multiple scenarios, achieving continuous growth in value [25] - The power energy industry is experiencing profound changes. With the advancement of the "dual - carbon" strategy, the construction of new power systems and the integration of digital and intelligent technologies, especially the breakthroughs in AI, will bring significant opportunities for the industry [28] - Langxin Group, as a leading technology enterprise in the power energy field, focuses on the dual - wheel development strategy of energy digitalization and energy Internet, aiming to become an AI - driven leading technology energy enterprise [28]

Financial Performance - In 2024, the company achieved operating revenue of CNY 4.479 billion, a year-on-year decrease of 5.24% due to the restructuring of non-core businesses [1] - The net profit attributable to shareholders was CNY -250 million, impacted by a one-time financial effect of approximately CNY 488 million from goodwill and inventory impairment [1] - The company generated operating net cash flow of approximately CNY 554 million during the reporting period [1] Future Growth Drivers - The construction of new power systems and the application of AI technology are expected to drive a new round of investment in the energy sector [3] - The company is leveraging its advantages in AI research and application to build a new business growth curve in the smart energy sector [3] - The dual-flywheel development strategy in the energy internet sector aims to expand the connection scale of electricity users through various scenarios, enhancing service value and contributing to sustainable growth [3] Industry Outlook - The energy sector is undergoing profound changes, with the national strategy focusing on renewable energy and new power systems [3] - The overall electricity demand is expected to continue expanding, presenting new development opportunities for companies with accumulated business experience and technical capabilities [3] - The integration of digitalization and intelligent technology in the energy sector is anticipated to create significant opportunities for innovation and efficiency improvements [3]

Investment Rating - The report suggests a positive investment outlook for the computer sector, highlighting significant investment opportunities due to recent tariff reductions between China and the US [6][7]. Core Insights - The easing of tariffs is expected to boost confidence in the computer sector, particularly benefiting companies previously affected by tariff sentiments and those in the AI industry chain and fintech segments [6][7]. - The report emphasizes the importance of companies with core technology, high growth potential, and domestic substitution capabilities for long-term investment [6][7]. - The computer sector's foreign revenue is approximately 12%, indicating limited direct impact from tariff policies, while holdings in the sector are at a historical low, suggesting potential for valuation recovery [7][8]. Summary by Sections Investment Highlights - The report notes that the computer sector achieved a total revenue of RMB 286.03 billion in Q1 2025, representing a year-on-year increase of 15.25%, with net profit attributable to shareholders rising by 193.52% [8]. - The report identifies key companies for investment, including Streamax Technology, Autel Intelligent Technology, and Beijing Kingsoft Office Software, among others [6][8]. Market Dynamics - The report highlights that the demand for IT investments from downstream clients is expected to continue rising, supported by domestic policy efforts and economic recovery [8]. - The growth logic of the sector is further strengthened by technological iterations and demand recovery, particularly in AI applications and domestic chip development [9].

Investment Rating - The report maintains a "Buy-B" investment rating for the company [1] Core Views - The company is transitioning from project-based software services to a platform-based energy operation model, focusing on AI-driven market transactions in the energy sector [2][7] - The company aims to leverage its strengths in energy digitalization and the energy internet to enhance its market position and operational efficiency [2][7] Financial Performance - In Q1 2025, the company reported a revenue of 670 million yuan, a slight decrease of 0.12% year-on-year, while achieving a net profit of 3 million yuan, a significant increase of 117.5% year-on-year [1] - The gross margin for Q1 2025 was 48.4%, reflecting a year-on-year increase of 3.2 percentage points and a quarter-on-quarter increase of 11.8 percentage points [1] - For the full year 2024, the company’s revenue was 4.48 billion yuan, down 5.24% year-on-year, with a net profit of -280 million yuan [2] Business Segments - The energy internet business is experiencing growth, with a revenue of 1.8 billion yuan in 2024, up 17.6% year-on-year, and a gross margin of 49.6%, an increase of 9.9 percentage points [3] - The company’s charging aggregation platform has over 18 million registered users and 1.6 million charging devices, with charging volume reaching 5.2 billion kWh, a year-on-year growth of approximately 30% [3] - The company’s virtual power plant platform has connected 25 GW of distributed photovoltaic capacity, growing rapidly to 37.7 GW in Q1 2025 [3] Market Outlook - The company anticipates a 50-fold increase in trading volume over the next three years due to the full liberalization of the electricity market [4] - The company has established a significant presence in multiple provinces, enhancing its competitive advantage in the electricity trading market [4] - The partnership with Ant Group aims to explore new financing channels and business models through asset tokenization [4] Financial Projections - The company expects net profits of 310 million yuan, 460 million yuan, and 940 million yuan for the years 2025, 2026, and 2027, respectively, with a dynamic P/E ratio of 51.5 for 2025 [7] - Revenue projections for 2025 to 2027 are 5.126 billion yuan, 6.414 billion yuan, and 8.363 billion yuan, reflecting a compound annual growth rate [9]

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company is transitioning from project-based software services to a platform-based energy operation model, focusing on AI-driven electricity market transactions [1][4] - The company aims to become a leading technology energy enterprise, linking electricity supply and demand while building an energy internet platform for efficient and green energy operations [10] Financial Performance - In Q1 2025, the company achieved revenue of 670 million yuan, a slight decrease of 0.12% year-on-year, while net profit attributable to shareholders was 3 million yuan, up 117.5% year-on-year [2] - The gross margin for Q1 2025 was 48.4%, an increase of 3.2 percentage points year-on-year and 11.8 percentage points quarter-on-quarter [2] - For the full year 2024, the company reported revenue of 4.48 billion yuan, a decline of 5.24% year-on-year, and a net profit of -280 million yuan [4] Business Segments - The energy internet business grew significantly, generating 1.8 billion yuan in revenue in 2024, a year-on-year increase of 17.6%, with a gross margin of 49.6% [4] - The company has seen substantial growth in its charging aggregation platform, with over 18 million registered users and 160,000 charging devices connected, achieving a charging volume of 5.2 billion kWh, a growth of approximately 30% year-on-year [4][5] Market Outlook - The company anticipates a 50-fold increase in electricity trading volume over the next three years, driven by the full liberalization of the electricity market [5] - By 2027, the expected electricity trading volume is projected to reach 100 billion kWh, supported by the conversion of 15 million commercial and industrial users [5] Financial Projections - The company forecasts net profits of 310 million yuan, 460 million yuan, and 940 million yuan for the years 2025, 2026, and 2027, respectively, corresponding to a dynamic P/E ratio of 51.5 times in 2025 [10] - Revenue is expected to grow from 5.13 billion yuan in 2025 to 8.36 billion yuan in 2027, with a compound annual growth rate of 30.4% [12][16]

朗新集团（300682）公告，公司控股股东一致行动人无锡曦杰于2025年2月13日至2025年5月12日期间， 通过集中竞价方式减持公司股份1066.24万股，约占公司总股本的0.99%。减持后，无锡曦杰的持股比例 由2.50%降至1.48%。 ...

朗新科技集团股份有限公司 证券代码：300682 证券简称：朗新集团 公告编号：2025-033 朗新科技集团股份有限公司 关于控股股东一致行动人权益变动触及 1%整数倍 暨减持计划期限届满的公告 本公司控股股东一致行动人无锡曦杰智诚投资合伙企业（有限合伙）保证 向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或者 重大遗漏。 朗新科技集团股份有限公司 公司于近日收到无锡曦杰出具的《关于股东减持计划期限届满的告知函》， 截至 2025 年 5 月 12 日，本次减持计划期限届满，无锡曦杰通过集中竞价方式 共减持公司股份 1,066.24 万股，约占公司总股本的 0.99%（截至本公告披露日， 公司总股本 1,080,247,336 股，剔除公司回购专用证券账户中股份数量后为 1,078,235,821 股，下同）。具体情况如下： （一）股东减持情况 1、股东减持股份情况 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 本次权益变动的主要原因为：（1）公司发行股份及支付现金购买资产涉及 的新增股份导致公司总股本增加，公司控股股东及其一致行动人持股比例被动 稀释 0 ...

朗新科技集团股份有限公司 证券代码：300682 证券简称：朗新集团 公告编号：2025-032 朗新科技集团股份有限公司 关于举行 2024 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 朗新科技集团股份有限公司（以下简称"朗新集团"或"公司"）2024 年 年度报告及摘要已于 2025 年 4 月 22 日刊登于中国证监会指定的创业板信息披 露网站。为便于广大投资者更深入全面地了解公司情况，公司将举行 2024 年度 网上业绩说明会，具体安排如下： 一、会议召开日期及参与方式 公司将于 2025 年 5 月 15 日（星期四）15:00 至 16:30 举办 2024 年度网上 业绩说明会。本次年度业绩说明会将通过深圳证券交易所提供的"互动易"平台 举行，投资者可登陆"互动易"网站（http://irm.cninfo.com.cn）进入"云访谈" 栏目参与本次业绩说明会。 朗新科技集团股份有限公司 董事会 2025 年 5 月 7 日 为充分尊重投资者、提升交流的针对性，现就本次说明会提前向投资者公开 征集问题，广泛听取投资者的意 ...